DUBLIN, March 22, 2019 /PRNewswire/ — The “Anti-Obesity Drugs Market – Growth, Trends, and Forecast (2019 – 2024)” report has been added to ResearchAndMarkets.com’s offering.
The global anti-obesity drugs market is expected to register a CAGR of nearly 16.1% during the forecast period, 2019-2024.
The anti-obesity drugs market is growing steadily with the gradual growth in the number of approvals from the US FDA and Europe EMA. North America, especially the United States, dominates this market, due to better healthcare services and high expenditure, followed by Europe. Till 2012, Xenical (orlistat) and generic phentermine were among the only approved drugs.
However, the period between 2012 and 2016 saw high growth in the number of major pharmaceutical companies investing largely on clinical trials. However, there are still very fewer drugs in the late stage of development.
Owing to the less success rate and withdrawal among the centrally acting drugs, several of the major companies have considered the development of anti-obesity drugs as prohibitively risky and shifted the companies’ inclination toward broadening the scope of a diabetic portfolio into obesity. Since several companies have developed a strong relationship between Type 2 diabetes and obesity, it is often considered to be a low-risk strategy and minor investments in the R&D for potential anti-obesity drugs.
Currently, the market is gradually growing its authority in the developing regions with the gradual approval of drugs, globally. However, it holds great potential with the aforementioned advantages, as several companies are targeting dual therapy mode for the treatment of obesity.
Key Market Trends
OTC Drugs Segment is Expected to Exhibit Fastest Growth Rate over the Forecast Period
In the present scenario, the weight problem is a major concern, globally. The rising intake of junk food/fast food is resulting in declining healthiness worldwide. As mentioned earlier, obesity is one of the most prevalent problems faced by people of this century. According to WHO, in 2016, more than 1.9 billion adults, ranging between 18 years and older, were overweight.
Out of the aforementioned numbers, over 650 million were obese. With intentions to offer weight loss solutions, the companies have developed a number of weight loss products, of which a considerable proportion are OTC drugs.
In most countries, Orlistat is marketed as a prescription drug under the trade name Xenical, by Roche, and it is sold as an OTC drug under the trade name Alli, by GlaxoSmithKline, in the United Kingdom and the United States. Currently, the number of OTC drugs approved in the market is very less. However, the cost-effectiveness and ease of availability of OTC products are expected to propel the growth of the market.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America dominated the global anti-obesity drugs market, with the United States accounting for the major contributor to the market. The primary factors driving the growth of the market studied are an increase in obese population and high healthcare spending. In the past few decades, several anti-obesity drugs are withdrawn from the market, due to reported and documented adverse effects.
After years of interruption, the US Food and Drug Administration (FDA) has recently approved multiple new anti-obesity drugs. Majority of these medications are administered orally, and only one is administered subcutaneously. According to the data published by the Centers for Disease Control and Prevention (CDC), the prevalence of obesity was 39.8% and affected about 93.3 million US adults in 2015-2016, hence propelling the anti-obesity drugs market.
The presence of major market players, such as GlaxoSmithKline, Novo Nordisk, Pfizer, F Hoffmann-La Roche, and Bayer AG, is, in turn, increasing the overall competitive rivalry of the market.
Large organizations rely heavily on advertising expenses and branding strategies, collaborating with successful personality, initiative, or programs at the national levels, which promote their product, and thus are recognized earlier than other brands in the market. With the high prevalence rate of the disease, the intensity of competitive rivalry is moderate to high.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Prevalence of Obesity
4.2.2 Sedentary Lifestyle
4.3 Market Restraints
4.3.1 Availability of Alternative Treatment Options
4.3.2 Side Effects of Drugs
4.3.3 High Drug Development Costs
4.4 Industry Attractiveness- Porter’s Five Forces Analysis
5 Market Segmentation
5.1 Mechanism of Action
5.1.1 Peripherally Acting Anti-obesity Drugs
5.1.2 Centrally Acting Anti-obesity Drugs
5.2 Drug Type
5.2.1 Prescription Drugs
5.2.2 OTC drugs
5.3.1 North America
5.3.4 Middle East & Africa
5.3.5 South America
6 Competitive Landscape
6.1 Company Profiles
6.1.1 Arena Pharmaceuticals
6.1.3 Nalpropion Pharmaceuticals Inc.
6.1.4 F Hoffmann-La Roche
6.1.6 Bayer AG
6.1.7 Novo Nordisk
7 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/research/32gnb9/global?w=5
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